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KEVIN MCCALLUM HIT WITH $4.8 MILLION CUSTOMER CLAIM INVOLVING MEDLEY CAPITAL STOCK

Kevin McCallum, an Alabama-based stockbroker and financial advisor with Glacier Point Advisors, LLC, who was previously registered with LPL Financial, LLC and NBC Securities, Inc., has disclosed a $4.8 million arbitration claim filed by his customers related to their investment in Medley Capital Corporation. According to the customers’ complaint, McCallum exercised discretionary trading authority in the customers’ account and used over-concentrated the account in a large position in Medley Capital Corporation. Medley Capital holds itself out as a non-diversified closed-end management investment company whose business model was to attempt to generate income and capital appreciation by lending funds to privately-held middle-market companies, primarily through directly originated transactions. The customers alleged that by October 2018, the Medley Capital position constituted over 85% of the total value of their account even though they knew nothing about the company and had no role in the selection of the stock for their account. According to their allegations, McCallum’s customers had a moderate risk profile [...]

By |February 2nd, 2021|FINRA|
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Kevin Graetz Suspended By FINRA

  Kevin Graetz has settled a FINRA complaint accusing him of failing to report federal and state tax liens against him amounting to over $1 million over nearly seven years. FINRA's Form U4 mandates registered representatives to disclose whether there are any unsatisfied judgments or liens against them. In amendments, Graetz filed to his form in February 2013, January 2014, and February 2014, he "inaccurately and misleadingly" stated that he was not subject to any unsatisfied tax liens, a FINRA order accepting the offer of settlement stated. Kevin Graetz was employed by Paulson Investment Company in New York until April 28. He updated his Form U4 to disclose the unsatisfied liens in May 2014, subsequent to FINRA finding the liens in the midst of a cycle examination of the firm. FINRA says Graetz's "failure to disclose the tax liens was willful in that he knew that he owed significant unpaid taxes and that he was subject to unsatisfied tax liens." Throughout [...]

By |May 17th, 2017|Uncategorized|
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FINRA May Clampdown On Brokers, Unpaid Awards

Next week, FINRA will take a look at two problems that have been plaguing it: brokers with disciplinary records who manage to keep popping back up in the industry and firms that do not pay arbitration awards. The regulator will "consider proposed rule amendments and other steps designed to heighten the oversight of high-risk brokers and the firms that employ them," according to its agenda for its meeting on May 10 in New York. Dealing with repeatedly problematic brokers has been an issue for FINRA for years. At the beginning of the year, FINRA stated that monitoring these brokers was its top priority in ts annual regulatory and examination priorities letter and created a team to monitor these rogue brokers. FINRA will additionally consider changing its arbitration procedures and Form U4 regarding payment of arbitration awards by firm and brokers. The Public Investors Arbitration Bar Association issued a study last year showing that $62 million in arbitration awards were not [...]

By |May 5th, 2017|Uncategorized|
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Corrine Mittag Faces Sanctions From FINRA Over Alleged Email Fraud

Corrine Mittag, formerly a broker with BancWest Investment Services, is looking at sanctions from FINRA for allegedly wiring $34,000 from a client's account without approval and as requested by a fraudulent email, according to the regulator. FINRA ordered that at least one sanction be levied against Mittag, who is now with COR Clearing. In January 2015, Mittag allegedly got an email asking that she sell securities in a client's account. The sales were to generate cash to pay for a wire request to another party in the U.K., according to a Disciplinary Proceeding. Mittag claimed she was the victim of a phishing scheme, her BrokerCheck Report shows. Violating her company's policies that forbade trade requests received via email and which mandated wire requests by confirmed by phone, Mittag never received the appropriate authorization from the client for the sales or approval from the firm. FINRA further claims Corrine Mittag, who has been a registered representative since 1996, misled BancWest, saying [...]

By |March 30th, 2017|Broker Check|
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